The bitcoin chart shows an interesting inverse fractal from 2019.
The Feb-March price action last year, which resulted in a breakout, hints a breakdown for Bitcoin in 2020.
Bitcoin is currently moving in the same manner as it did back in 2019 – just inversely.
Market analyst Artem Shevelev spotted the upside-down relationship between Bitcoin’s 2019 and 2020 trends. So it appears, the price since June 2020 moved almost precisely in the opposite direction of the price action recorded between February 2019 and March 2019.
Bitcoin 2019 fractal (inverted) looks precisely similar to its current price action. Source: TradingView.com, Artem Shevelev
Mr. Shevelev spotted a seven-phase trend development that highlighted similarities between the 2019 and 2020 fractals. The first phase (red) showed bitcoin undergoing a small dump, followed by a consolidation move. The second stage (blue) saw the cryptocurrency logging erratic pumps and dumps.
It later led to another rise and pullback action in the third stage (green). Mr. Shevelev added:
“After a small pump (phase four), price stuck in the sideways and then suddenly made a small dump for about 6 days. In 2020, we see similar price action, right now we are in point 5, and just last 4 days we were in the sideways.”
2019’s Pump is 2020’s Dump
Bitcoin’s inverse fractal also laid bare a bearish scenario unfolding in 2020. As shown in the chart above, the cryptocurrency broke out of its seven-phase development with a breakout to the upside in April 2019. Its price in the next three months surged by more than 230 percent.
As bitcoin enters phase five, it may be two steps away from pursuing a similar – if not exact – price breakout. Only this time, the move should be to the downside.
Bitcoin fractal from 2019 (normal) against 2020. Source: TradingView.com, Artem Shevelev
“Realistically, both outcomes should be expected,” added Mr. Shevelev. “It’s important for me to use adequate stop loss for midterm positions. Now I am in long and expect a stop loss below 8600. In the opposite case, I will expect a price increase as a long-term chart we are still bullish.”
The statements came as Bitcoin sustains its year-to-date gains above 25 percent. The cryptocurrency has already rallied by more than 150 percent from its mid-March nadir. It has also refused to head below $9,000 despite repeated breakdown attempts near the level.
Shaky Bitcoin Market, Nevertheless
As Bitcoin sustains above $9,000, it also faces a monumental task of breaking above the $10,000-$10,500 range. The cryptocurrency has failed so far due to traders’ profit-taking sentiment in the six-figure areas. That has put BTC/USD in an overstretched sideways range.
Bitcoin price prediction by George1Crypto. Source: TradingView.com
An analyst sees Bitcoin down by another $2,000-3,000 in the coming weeks before it breaks bullish above $10,000. He wrote on Twitter:
“Test 6-7k’s before taking the highs at 10.5 and you buy the [high] out of blue, in my opinion. Target 15k at least.”
Bitcoin was trading near $9,250 at the time of this publication.
Photo by Nadine Shaabana on Unsplash origin »
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At the beginning of 2019, bitcoin was trading at around $3,500. As the year progressed, bitcoin rose to hit a 2019 year-to-date high of around $13,300. Additionally, as bitcoin attempts a price recovery, its dominance has risen in lockstep while altcoins have been viciously clobbered.
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Bitcoin has had an interesting 2019. The maiden cryptocurrency has shown a resurgence from its 2019 low point of $3500. Market analysts are predicting Bitcoin will surpass its all-time high of $20000 witnessed in 2017.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.